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C H E M C O N T R O L Integrated Supply Solutions
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Main Geographic Markets Our market primarily includes the Eastern Caribbean. See Caribbean GDP Figures.
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BERMUDA Bermuda is a British overseas territory in the North Atlantic, situated around 600 miles off the coast of the United States. It consists of around 138 islands, of total area 53.3 sq km. The largest island is where the capital, Hamilton is located. Bermuda has one of the most advanced economies in the world, with a large financial sector. It was once a popular tourist destination as well. HISTORY Bermuda is an archipelago consisting of seven main islands and many smaller islands and islets lying about 1,050 kilometers (650 mi.) east of North Carolina. The main islands--with hilly terrain and subtropical climate--are clustered together and connected by bridges; they are considered to be a geographic unit and are referred to as the Island of Bermuda. Bermuda was discovered in 1503 by a Spanish explorer, Juan de Bermudez, who made no attempt to land because of the treacherous reef surrounding the uninhabited islands. In 1609, a group of British colonists led by Sir George Somers was shipwrecked and stranded on the islands for 10 months. Their reports aroused great interest about the islands in England, and in 1612 King James extended the Charter of the Virginia Company to include them. Later that year, about 60 British colonists arrived and founded the town of St. George, the oldest continuously inhabited English-speaking settlement in the Western Hemisphere. Representative government was introduced to Bermuda in 1620, and it became a self-governing colony. Due to the islands' isolation, for many years Bermuda remained an outpost of 17th-century British civilization, with an economy based on the use of the islands' cedar trees for shipbuilding and the salt trade. Hamilton, a centrally located port founded in 1790, became the seat of government in 1815. Slaves from Africa were brought to Bermuda soon after the colony was established. The slave trade was outlawed in Bermuda in 1807, and all slaves were freed in 1834. Today, about 60% of Bermudians are of African descent. In the early 20th century, Bermuda's tourism industry began to develop and thrive; Bermuda has prospered economically since World War II. Internal self-government was bolstered by the establishment of a formal constitution in 1968; debate about independence has ensued, although a 1995 independence referendum was defeated. POPULATION - 65,365 (July 2005 est.) Persons of the Bermudian ancestry comprise around 66% of the total, British 16%, West Indian 15%, Portuguese 9%, American 7% and Canadian 5%. Blacks comprise 55% of the population, whites 34% with the remainder mixed and Asian. CURRENCY Bermudian dollar (BMD) is on the decimal system; notes come in $100, $50, $20, $10, $5, $2 denominations, with coins valued at $1, 25 cents, 10 cents, 5 cents, and 1 cent. US money, while not legal tender in Bermuda, is freely accepted by all trading establishments on a one-for-one basis, although the official exchange rate makes the Bermuda dollar worth slightly more then the US dollar. Most local concerns accept US credit cards and many vendors take checks drawn on US banks. No restrictions are placed on the importation of US dollars, other currency or traveler checks; the export of Bermudian currency requires a foreign exchange permit (usually granted) from the Bermuda Monetary Authority. ECONOMY - Bermuda's GDP is US$1.98 billion, which comes to US$30,000 per capita. - The current (2004) inflation is 2.1%. - Major industries include tourism, finance, insurance, structural concrete products, paints, perfumes, pharmaceuticals and ship repairing. - Bermuda relies mostly on the USA, Canada and the UK for their imports. Bermuda enjoys one of the highest per capita incomes in the world, having successfully exploited its location by providing financial services for international firms and luxury tourist facilities for 360,000 visitors annually. The tourist industry, which accounts for an estimated 28% of GDP, attracts 84% of its business from North America. The industrial sector is small, and agriculture is severely limited by a lack of suitable land. About 80% of food needs are imported. International business contributes over 60% of Bermuda's economic output; a failed independence vote in late 1995 can be partially attributed to Bermudian fears of scaring away foreign firms. |
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